Post Session Commentary - Oct 1 2008

The Indian market closed on a positive note after dwindling at the initial stage. The market made a smart recovery from the initial fall on the expectations of a new bail out plan in US to deal with the financial crisis. The US Senate will vote today i.e. on, 1 October 2008, on a new version of the $700 billion financial sector bailout package. Additionally, the US Senate is all set to take up the vote on the Indo-US Civil Nuclear agreement today, which also gave a further boost to the market. From the sectoral point, the IT scrips remained the centre of attraction of the investors as most buying was seen from this basket due to decline of rupee versus dollar that touched fresh 5 year low to 47.23 at the initial stage of the session. Along with this, the bankex scrips also attracted investor’s confidence as the Finance Minister yesterday stated that the Indian banks are well capitalized and regulated and also added that “The Indian market is a sound, attractive and well regulated market,”. The BSE Sensex closed above 13,000 level and the NSE Nifty above the 3950 mark. The market breadth was positive as 1476 stocks closed in green while 1123 stocks closed in green and 73 stocks remained unchanged.

The BSE Sensex closed higher by 195.24 points at 13,055.67 and NSE Nifty ended up by 29.55 points at 3,950.75. The BSE Mid Caps and Small Caps closed with gains of 25.87 points and by 29.33 points at 4,824.16 and 5,606.80 respectively. The BSE Sensex touched intraday high of 13,203.86 and intraday low of 12,697.30.

Gainers from the BSE Sensex are Satyam Comp 7.47%, JP Associates 7.02%, HDFC Bank 5.26%, Grasim Inds 4.63%, Tata Power 4.46%, Infosys Tech 4.03%, ICICI Bank 3.10% and Tata Steel 3.07%.

Losers from the BSE Sensex are DLF 2.03%, Reliance Inds 2.01%, Tata Motors 1.44%, Reliance Infra 1.11%, M&M 0.53%.

The IT index closed with handsome gains of 122.82 points at 3,217.90. Scrips that gained are Satyam Comp 7.47%, Patni Comp 7.43%, HCL Tech 5.87%, Infosys Tech 4.03%, Finance Tech 3.20%, Rolta India 3.18% and Mosear Baer 2.94%.

The BSE Bank index closed in green with gains of 209.43 points at 6688.28. As HDFC Bank (5.26%), Federal Bank (4.65%), Bank of baroda (4.52%), Indus Ind bank (4.06%), Punjab national Bank (4.02%) and Oriental Bank (4.01%) all closed in positive territory.

The Consumer Durables index gained 86.27 points to close at 3,015.45. The only gainers are Videcon Industries (13.87%) and Titan Industries (0.38%) while Gitanjali GE (2.10%) and Blue Star L (1.26%) were the losers in the index.

The BSE Capital Goods index closed with marginal gains of 11.78 points at 10,592.13. Major gainers are As Usha Martin (15.05%), Gammon India (7.13%), Alstom Project (4.95%), BEML Ltd (2.77%), Crompton Greaves (2.43%) and Punj Lloyd (1.64%).

The BSE Oil & Gas index closed down by 99.73 points at 8939.55 as Reliance natural resource (2.11%), Reliance Industry (2.01%), Reliance petroleum (1.99%), Essar oil (1.63%), HPCL (0.80%) and IOC ltd (0.62%) ended in negative territory.

The BSE Reality index closed lower by 81.56 points at 3,427.21. Losers are Mahindra Lifespace Developers (6.47%), Indiabulls reality (5.08%), Orbit Co (4.62%), Anant Raj Industries (4.42%), Omaxe Ltd (3%) and Ansal Infrastructure (2.94%).

The BSE Metal index surged by 59.59 points to close at 9051.65. Major gainers are Welspun Gujrat SR (5.43%), Tata Steel (3.07%), Jindal Steel (2.70%), Jindal SAW (1.81%), NMDC Ltd (1.80%), Hindustan Zind (1.15%) and Hindalco Industries (0.87%).